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Resolution No. 5017
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2010 No. 4996-5020
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Resolution No. 5017
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Last modified
4/2/2012 10:57:30 AM
Creation date
1/21/2011 4:29:24 PM
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Template:
City Recorder
CMO_Document_Type
Resolutions
Document_Date
12/13/2010
Document_Number
5017
CMO_Effective_Date
12/13/2010
Author
Kitty Piercy
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RESOLUTION NO. 5017 <br />A RESOLUTION AUTHORIZING ECONOMIC DEVELOPMENT <br />PROJECT REVENUE BONDS AS RECOVERY ZONE FACILITY BONDS <br />TO FINANCE IMPROVEMENTS ON THE VACANT PARCEL LOCATED <br />AT BROADWAY AND WILLAMETTE STREET AND ADJACENT TO THE <br />CENTRE COURT BUILDING, <br />The City Council of the City of Eugene, Oregon finds as follows: <br />A. The City has received a request from Bennett Management Company to issue <br />economic development project revenue bonds to finance improvements (the "Project ") on the <br />vacant parcel located at Broadway and Willamette Street and adjacent to the Centre Court <br />building, and to loan the bond proceeds to Bennett Management Company or an entity formed by <br />Bennett Management Company (the "Borrower "). <br />B. On August 11, 2010, the City Council supported the Project proposal in concept <br />and directed the City Manager to bring back additional details for consideration. <br />C. On September 15, 2010, the City Council approved Resolution 5014, which <br />authorized the City Manager to work with Bennett Management Company, its financing team <br />and the City's bond counsel to develop documents and otherwise prepare for the sale of conduit <br />recovery zone facility bonds for the Project. The resolution required additional City Council <br />approval prior to issuance of the bonds. <br />D. ORS 280.410 to 280.485 (the "Act") authorizes the City to issue economic <br />development project revenue bonds. Bonds issued under the Act are payable solely from the <br />revenues and assets that the Borrower or another private party pledges to pay the Bonds, and are <br />not liabilities of the City. <br />E. The American Recovery and Reinvestment Act of 2009 ( allows the <br />City's economic development project revenue bonds to qualify as "recovery zone facility <br />bonds," but only if the bonds are issued by December 31, 2010. Recovery zone facility bonds <br />allow the Borrower to obtain low -cost, tax - exempt financing that is ordinarily not available <br />under federal law. <br />F. ARRA and Section 147 of the Internal Revenue Code of 1985, as amended, (the <br />"Code") require that recovery zone facility bonds be approved by the City Council after a public <br />hearing. A public hearing was held before a hearings official on November 15, 2010, and <br />approval of this resolution will constitute approval of the recovery zone facility bonds that the <br />City issues for the Project for purposes of Section 147 of the Code. <br />G. The Borrower is working with commercial banks and expects that a commercial <br />bank or similar institution will purchase the bonds by December 31, 2 0 1 0. <br />
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